A new study released today explores how millennials in the Kingdom think about and value money, as well as how they spend their income.
The research—commissioned by Snapchat in partnership with business intelligence firm Cassandra—comes at a time when millennials (those aged 18-34 years old) have more than $3 trillion of disposable income globally, with their spending power predicted to grow to 33% of all consumer spending over the next decade. Around 27% of the Saudi population are millennials.
Overall, the study reinforces that millennials in KSA are embracing online and mobile-first platforms for shopping. Mobile shopping is popular, with 85% saying that they use their smartphones for shopping either the same amount or more than they did last year.
“Understanding millennials in KSA is crucial as their economic power will only grow as they age up,” said Julie Caironi, Senior Measurement Lead at Snapchat. “As this Cashing-In study shows, millennial attitudes and preferences are different to other generations, especially when it comes to online behaviour and digital spending habits.”
Aside from where they are shopping, the study also explores how millennials are spending. Half of the respondents (53%) say that they stick to a budget, with price being the top consideration for them when buying anything, followed by quality and then the availability of discounts or coupons. Moreover, nearly two in three millennials (63%) would be willing to postpone a purchase decision to make sure they get the best price on a product or service.